Philippine Airlines Continues to Log Profits for 3rd Quarter 2022
November 11, 2022
Philippine Airlines Continues to Log Profits for 3rd Quarter 2022
Flag carrier Philippine Airlines, Inc. (PAL) registered an operating income of US$ 86.8 Million (PHP 4.9 Billion) and comprehensive income of US$ 62.7 Million (PHP 4.2 Billion) for the third quarter of 2022.
As a result, for the first three quarters of the year combined, PAL logged a total operating income of US$ 212.2 Million (PHP 11.5 Billion) and a comprehensive income of US$ 133.2 Million (PHP 8.3 Billion), signifying the continuing resurgence of the Philippines’ only full-service network airline amid the ongoing recovery of air travel and tourism.
PAL generated US$ 724.1 Million (PHP 40.8 B) in revenues for the third quarter of 2022, representing a 99.8 % growth in passenger revenues and a 34.9% growth in cargo and ancillary revenues vs. the same period in 2021. Operating expenses amounted to US$ 637.3 Million (PHP 35.9 B) for the quarter, with the high cost of fuel a persistent concern for the aviation industry.
“We are thankful for the strong support of our customers, shareholders, partners and personnel that enabled us to achieve this third straight quarter of positive operating results, despite the continuing global economic and geopolitical challenges,” said PAL President & COO Capt. Stanley K. Ng. “We at Philippine Airlines will remain steadfast in carrying out our mission of service, bridging our islands and connecting our homeland with the rest of the world, for the benefit of tourism, trade and the Filipino people.”
The Philippine flag carrier continues to gradually expand its route network in line with the progressive comeback of business and leisure travel. In addition to an extensive domestic network anchored on its gateway hubs in Manila, Cebu and Davao, PAL is the only airline operating nonstop flights linking the Philippines to the U.S. and Canada, along with the largest network of flights from Manila to multiple cities in the Middle East, Japan and Australia. PAL also operates all-cargo flights to various local and overseas economic centers.
PAL will launch new routes from Cebu to Baguio and Cotabato City, as well as from Clark to Hong Kong, beginning in December 2022. Clark also gained a new PAL international link to Seoul and Busan this week.